Shares of Biocon surged as much as 7.7 per cent to Rs 424.90 against the previous close of Rs 394.35 as the company has received the establishment inspection report with ’voluntary action indicated’ status from the USFDA on closure of inspection of its aseptic drug product facility.
“The US Food and Drug Administration ( USFDA) has issued an establishment inspection report in relation to the cGMP (current good manufacturing practice) inspection of its aseptic drug product facility that was audited between May 25 -June 3, 2017,” Biocon said in a BSE filing today.
Following a positive open at Rs 408, the scrip touched intraday high of Rs 424.90 and a low of Rs 408. In terms of equity volume, 7.55 lakh shares exchanged hands on the BSE.
At the closing trade, the scrip was up 7.27 per cent at Rs 423.
The USFDA releases a copy of the EIR to the establishment that was the subject of an FDA or FDA-contracted inspection when the agency determines the inspection to be closed.
(With inputs from PTI)